According to the weighted average envelope, yes. the 4 hr chart looks like it has retraced to a trend extension of fib and the central weighting of volume and averages that it is selling off from this squeeze. the nasdaq daily candle has a wick suggesting the intraday has been used for profit taking, and a continuation of the weekly downtrend could be likely, even if we have 3 bullish weeks in a row including this one.
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ive drawn a volume box around this trend, and ive taken all the volume averages of the price and weighted them to that moveim looking at these levels with a rsi/supertrend and trama strategy that takes the averages and weights them to that move
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gap has closed, market is overselling and we should bounce to the trend navNote
what do these divergences tell us about inflection in added risk environment?the trend overall is down, but the intermediate technicals are supressed yo the upside
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nasdaq has bounced, and is setting a lower highshould resume selling towards close
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nasdaq could close gap, and remain divergedwould remain sell along these lines according to long algo
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.